Vinatex targets 8 percent export growth in 2019

The Vietnam National Textile and Garment Group (Vinatex), the largest textile maker in the country, expects its export turnover to rise up to 8 percent in 2019.
(Photo: VNA)

Hanoi (VNA) – The Vietnam National Textile and Garment Group
(Vinatex), the largest textile maker in the country, expects its export
turnover to rise up to 8 percent in 2019, the group said at a press conference
on December 27.

According to Vinatex Executive Director Cao Huu Hieu, the group is striving for
5 percent increase in industrial production, 7 percent growth in revenue, and
12 percent hike in profit.

It exported more than 3 million USD worth of products in 2018, a year-on-year
surge of 10.9 percent, and gained 46.3 trillion VND (1.98 billion USD) in
industrial production value, up 9.7 percent against the previous year.
Meanwhile, total revenue rose 6.6 percent to 48.6 trillion VND (2.08 billion
USD).

Although the group has secured orders until the end of 2019’s Quarter 1, high
input costs are deemed as a formidable challenge to the corporation, he said,
adding that the minimum wage is forecast to expand 5.3 percent, resulting in a
rise in social insurance premium and labour cost.

Garment and textile firms must outline rational measures for each market
scenario. To be more specific, they should join hands with their customers and
partners to set up value chain to overcome difficulties, Hieu stressed.

He underlined that Vinatex has paid due attention to quality of orders and
customers, and worked to be in top five producers in Vietnam.

Besides investing heavily on modern machines and equipment that meet
international standards to manufacture excellent products, the group will
channel focus to improving labour productivity and increasing workers’ income,
he added.-VNA